May 31, 2013 / 3:18 PM / in 4 years

Oil tumbles after Keystone pipeline returns to service

NEW YORK, May 31 (Reuters) - Crude oil futures dropped sharply on Friday after TransCanada Corp said its 590,000 barrel per day Keystone pipeline had returned to service.

U.S. crude futures were already down $1 a barrel at $92.61 due to weak U.S. consumer spending data. After the pipeline started, U.S. crude fell as low as $92.25. Brent hit a session low of $100.70, down 1.5 percent from Thursday’s settlement.

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